2 1 Shi Ji Jing Ji Bao Dao·2025-12-10 09:37Core Viewpoint - The anticipated merger between Haiguang Information and Zhongke Shuguang has been officially terminated due to significant changes in the market environment and differing perspectives among stakeholders, leading to a sharp decline in stock prices for both companies following the announcement [2][8]. Group 1: Merger Details - The merger was initially announced on May 25, 2023, as a strategic move where Haiguang Information would absorb Zhongke Shuguang through a share swap, marking a significant event in the domestic computing power sector [3]. - Prior to the merger announcement, Haiguang Information had a market capitalization of approximately 316.41 billion yuan, while Zhongke Shuguang was valued at around 90.57 billion yuan, bringing their combined market cap to over 400 billion yuan [4]. - Following the merger announcement, both companies saw their stock prices increase significantly, with Haiguang Information rising by 61.1% and Zhongke Shuguang by 61.76% [9]. Group 2: Market Reaction and Challenges - The termination of the merger led to immediate market reactions, with Zhongke Shuguang's stock hitting a daily limit down at 90.12 yuan per share, while Haiguang Information's stock fell slightly to 218.5 yuan [2][8]. - The companies cited the volatile market conditions and the complexity of the shareholder structure as key reasons for the merger's failure, with significant fluctuations in stock prices complicating the merger process [8][11]. - The global technology sector has experienced notable adjustments, impacting the feasibility of the merger, as evidenced by the decline in stock prices for both companies after reaching historical highs earlier in the year [8][9]. Group 3: Future Outlook - Despite the merger's failure, both companies are expected to continue their collaboration within the industry, focusing on their respective core competencies and maintaining a complementary relationship in the computing power ecosystem [13][15]. - Haiguang Information plans to continue its focus on high-end processor development, while Zhongke Shuguang will maintain its independence and concentrate on its core business in high-end computing and digital infrastructure [14][15]. - The industry is likely to see a shift towards "soft integration" rather than "hard mergers," as companies adapt to the evolving market demands and seek to build resilient ecosystems [13][15].